Bill > S0102

This bill modifies South Carolina's laws regarding municipal property tax (millage) rates, specifically providing new rules for municipalities without an operating millage as of January 1, 2025. Under the proposed legislation, such municipalities can impose an operating millage that generates up to one-third of their previous fiscal year's general fund expenses, subject to specific conditions. Newly incorporated municipalities can base this calculation on their proposed budget. Municipalities that previously had an operating millage but repealed it can reimpose a millage up to their last rate plus cumulative allowable increases since 2007 or since the millage was repealed. Any new or reimposed millage must be approved by a majority vote in a referendum held during a general election, and if approved, can be implemented in the next fiscal year. After initial imposition, future millage increases would be subject to existing legal limitations. The bill aims to provide flexible taxation options for municipalities while maintaining voter oversight and preventing excessive tax increases.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=102&session=126&summary=B